Zuckerberg is still bitter about Snapchat turning down $6B offer
What's the story
Meta CEO Mark Zuckerberg recently recalled his failed bid to acquire Snapchat more than a decade ago.
While testifying in an antitrust trial against Meta, Zuckerberg said he believed Snapchat wasn't fully realizing its growth potential when it was offered for acquisition.
"For what it's worth, I think if we had bought them [Snapchat] we would have accelerated their growth," he stated in a Washington DC court.
Growth potential
Zuckerberg tried to buy Snapchat for $6B
In 2013, just two years after Snapchat launched, Zuckerberg's company—then known as Facebook—offered $6 billion to acquire the photo-messaging app, according to an email from Zuckerberg shared during the trial.
Despite the hefty offer, Snapchat co-founder Evan Spiegel reportedly turned it down, believing in the platform's independent potential.
This acquisition bid has resurfaced as a focal point in the trial, illustrating Meta's aggressive expansion tactics.
Legal proceedings
FTC used Zuckerberg's email to support its case
The Federal Trade Commission (FTC) used Zuckerberg's email regarding Snapchat's acquisition offer to bolster its case against Meta.
The FTC claims Meta has been relying on acquisitions to stay on top of the social media game instead of competing.
The trial could last up to eight weeks and could lead to Meta being forced to divest Instagram and WhatsApp if the judge rules in FTC's favor.
Company response
Snap responds to Zuckerberg's comments
Responding to Zuckerberg's remarks on possibly making Snapchat better, Snap spokesperson Monique Bellamy said "anticompetitive behavior can often slow and thwart growth for smaller companies and start-ups."
She added "public reports of Meta's attempt to buy Snap, and then egregiously copy its features, was an attempt to do just that."
Despite all this, Bellamy emphasized Snap's continued innovation as the reason behind its competitiveness against companies like Meta.